Archive | May, 2011

Public liability costs too much for some carnival clubs

Bridgewater carnival clubs have recently come forward in complaint regarding how hard-pushed they have been in their struggle to cope with rocketing business insurance costs.

IFAs outraged at FSA claim limit announcement

Stating that the move may have the end result in raising professional indemnity insurance premiums for it, the IFA industry recently expressed outrage at last week’s announcement from the Financial Services Authority detailing the increased Financial Ombudsman Service claims limit.

ABI says commercial insurance market suffers from intervention

The Association of British Insurers recently said that the commercial insurance market should not have to suffer regulating the solicitors profession because of insufficient regulatory intervention.

PI Insurance costs not set to rise with FOS awards limit

PI insurance costs for companies will not be impacted by plans to increase the FOS awards limit on complaints by £50,000, said the Financial Services Authority in a recent statement.

Business insurance outsource firm announces reorganisation

One business insurance outsource firm recently announced it will be reorganising the entirety of its commercial insurance businesses in the UK.

Australian professional indemnity broker taken to court

One Australian professional indemnity broker was recently taken to court in New South Wales after trying to get out of paying several legal claims on a technicality.

Protect from hackers through professional liability insurance

Legal experts have recently come forward to say that business owners both large and small need to ensure that their professional liability insurance is up to date in order to prevent damage done by online hackers.

Irish Law Society considers ‘Chinese wall’ abolition

In an effort to reduce professional indemnity insurance premium payments, Ireland’s Law Society will be convening a special general meeting in order to discuss the abolition of so-called ‘Chinese walls’ which permit major firms to act for clients in opposition to them.

Government introduces new consumer insurance bill

In a bid to change the relationship between professional indemnity insurance providers and their customers in a radical way, the Government recently introduced a new commercial insurance bill dealing with the nature of disclosure and representations.

Public liability woes force cancellation of veteran parade

Armed Forces Week next month will be short one parade thanks to public liability woes forcing the cancellation of one veteran group in Norwich, sources say.